Looking to the legislative intent it is not possible to say that the risk covered by insurance service received shall not enjoy Cenvat credit of service tax paid on such service. No doubt, the insurance service may be indirectly connected to the manufacturing or other activity but that may be in relation to manufacture or various other business activities enumerated in Rule 2(l) of Cenvat Credit Rules, 2004.
The short issue for consideration is whether the appellants could have paid tax on an exempted services and claimed refund under Notification No. 17/2009 which allows refund of tax paid on services used in or in relation to the export of goods. The learned appellate authority has held that when a service is exempted, the appellant cannot pay the taxes and thereafter claim refund of the same on the ground that it is in connection with export purposes.
Please refer to SEBI circular Nos. SEBI/DNPD/Cir- 32/2007 dated September 11, 2007 and CIR/MRD/DP/15/2010 dated April 28, 2010 permitting FIIs to offer, as collateral, cash and foreign sovereign securities with AAA rating in F&O segment and cash, foreign sovereign securities with AAA rating and government securities in cash segment.
Further it is clarified that fee payable for forms on/till 16-01-2013 will remain payable along with additional fee and relaxation of any additional fee will be considered for forms on or after 17-01-2013
In partial modification of the Institute’s Notification No.13-CA (EXAM)/CPT/ June/2013 dated 2nd January, 2013, it is notified for general information that the last date of receipt of duly filled Common Proficiency Test application forms, through online or otherwise, shall be 25th April, 2013, instead of 24th April 2013 (a gazetted holiday) as announced earlier.
From a plain reading of sub-section (2) of Section 54 of the Income-tax Act, 1961, it is clear that only section 139 of the Income-tax Act, 1961, is mentioned in section 54(2) in the context that the unutilized portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the Income-tax under section 139 of the Income-tax Act. Section 139 of the Income- tax Act, 1961, cannot be meant only section 139(1), but it means all sub-sections of section 139 of the Income-tax Act, 1961. Under sub-section (4) of section 139 of the Income-tax Act any person who has not furnished a return within the time allowed to him under sub-section (1) of Section 142 may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment year whichever is earlier.
Monisha Jain The Financial Budget 2013 bringing in many changes that are proposed to be implemented from 1st April, 2013 has bought in serious issues to be looked for and analysed by the tax regulators and experts. Section 195 of the Income Tax Act, 1961 states that: The income earned by non-residents in the form […]
